Monday , January 22 2018
Home / Blogs / FxWirePro: Chinese Yuan trades marginally lower as CPI data misses expectations

FxWirePro: Chinese Yuan trades marginally lower as CPI data misses expectations

Chinese Yuan trades marginally lower as CPI data misses expectations

  • USD/CNY is currently trading around 6.5295 marks.
  • It made intraday high at 6.5345 and low at 6.5230 levels.
  • Intraday bias remains slightly bullish till the time pair holds key support at 6.4973 mark.
  • A sustained close above 6.5262 marks will test key resistances at 6.5333, 6.5585, 6.5749, 6.6050 and 6.6210 marks respectively.
  • Alternatively, a daily close below 6.5262 will drag the parity down towards key supports at 6.4973, 6.4732, 6.4535, 6.4426 and 6.4355 marks respectively.
  • PBOC sets yuan mid-point at 6.5207/ dlr vs last close 6.5285.
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
  • China sets yuan mid-point at weakest level since Dec 29, 2017.
  • China Dec PPI y/y decrease to 4.9 % (forecast 4.8 %) vs previous 5.8 %.
  • China Dec CPI y/y increase to 1.8 % (forecast 1.9 %) vs previous 1.7 %.
  • China Dec CPI m/m increase to 0.3 % (forecast 0.4 %).

We prefer to take long position on USD/CNY around 6.5275, stop loss 6.4973 and target of 6.5585.

Source: FXWire Technicals

 

About Makkaba Co., Ltd.

Makkaba Co., Ltd.

Hotline: (+84)(0) 904935786; Tel.: (+84) (0)28.35208726
Email: m2mtradingsignals@gmail.com - Phone:

Check Also

Intelligence Report: The Shale Surge Is Far From Over

 Intelligence Report: The Shale Surge Is Far From Over   Friday, January 19, 2018 Oil prices fell …

Americas roundup: U.S. shutdown fears pressure Dollar, on track for worst run since 2015, Wall street ends higher, Gold inches up, Oil prices fall as rally falters on growing U.S. output concerns-january 20th 2018

Americas roundup: U.S. shutdown fears pressure Dollar, on track for worst run since 2015, Wall …

Leave a Reply

Your email address will not be published. Required fields are marked *